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Lowe’s Reports Q1 Growth

Lowe’s reported growth in its first-quarter financial results for the year, which the company released Wednesday. The company’s first quarter ended May 5.

The big-box home improvement retailer reported sales growth of 10.7 percent over the same period last year, with $16.9 billion in sales. Comparable sales increased 1.9 percent, with the company’s U.S. business reporting 2 percent comparable sales increases.

“A solid macroeconomic backdrop, combined with our project expertise, drove above-average performance in indoor projects. We also continued to advance our sales to Pro customers, delivering another quarter of comparable sales growth well above the company average,” says Robert A. Niblock, Lowe’s chairman, president and CEO.

Last week, Lowe’s announced its purchase of Texas-based distributor Maintenance Supply Headquarters as a way to grow its pro business.

In the press release, Niblock also notes Lowe’s employees’ “hard work and commitment to anticipating and serving customer needs.”

The retailer made headlines throughout the first quarter because of several rounds of staffing cuts, including corporate and retail management positions.

Based on first-quarter performance, the company is maintaining its 2017 outlook, projecting a sales increase of 5 percent and a comparable sales increase of 3.5 percent. The retailer also expects to add 35 new stores this year.

Lowe’s currently operates 2,137 stores in the United States, Canada and Mexico and is headquartered in Mooresville, North Carolina.

About Melanie Moul

Melanie is the communications and content manager for the North American Hardware and Paint Association. She joined the NHPA team in 2016 as an editor for Hardware Retailing and now helps lead the communications team to deliver relevant, timely content to the industry.

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